Local economy on an upwards track

Published: 14 April 2021. (Note: information was correct at date of publication but may have since been changed or superseded.)

The Cairns economy is rebounding strongly with high levels of job advertisements and residential building approvals surging.

January job advertisements for the Cairns SA4 region were at their highest level in five years after dropping significantly in the immediate wake of the COVID-19 crisis.

Meanwhile, regional residential building approvals have grown, driven in part by government stimulus targeting the construction sector.

The value of residential building approvals for the Cairns SA4 region doubled from $24 million in the month of July 2020, to a peak of $48 million in October 2020.

However, the end of the Federal Government’s JobKeeper scheme is expected to have an adverse impact on the local labour market and business viability, particularly in the tourism sector.

Based on the latest available data (December 2020), Cairns had the fourth highest percentage in the State of local businesses accessing the JobKeeper scheme.